President Obama's Legacy: $20 Trillion in Debt for 2016

Forbes ^ | 12/25/12 | Paul Roderick Gregory

[Typical_Whitey]

The fiscal-cliff negotiations have deteriorated into an embarrassing travesty of competing press conferences, off-the-record remarks, closed meetings, and sound bites. The Republican side is frustrated and flabbergasted by the absence of a concrete proposal from the President that can be scored by the Congressional Budget Office and then “marked up” by Congress according to standard procedures. Vague offers of so and so many trillions of revenue increases and spending cuts spread over a decade are just words, not real proposals.

[Typical_Whitey]

This is the "fundamental change", he should not be allowed to destroy this country like this, and should be made to answer on this debt but he won't be, I am begining to beleive they all know that this economy is doomed under him. Normally the masses would have risen up by now and demanded that the insanity stop but I am afraid that too many have fallen beholden to government and are afraid that if they don't support sugar daddy their benefits will dry up.

[Wisconsinlady]

The CBO’s bottom line: If we go over the fiscal cliff, the second Obama administration will accumulate $1.5 trillion in deficits for 2013-2017 ($300 billion per year), for a “modest” deficit of less than two percent of GDP. If Obama gets his full wish list and avoids the fiscal cliff, the CBO’s alternate fiscal policy projections yield a cumulated 2013-2017 budget deficit of $4.5 trillion. In this case, the second Obama administration will run annual deficits of almost a trillion dollars a year.

[Elsiejay]

Watching the horror of America’s slow but relentless destruction is akin to what I imagine it would be like to watch one’s own body being slowly but inexorably devoured, feet first, by a huge snake.

[PGalt]

Socialism Is Legal Plunder - Bastiat

BIG GOVERNMENT IS CRONY SOCIALISM

http://www.usdebtclock.org

DEFUND socialist collectives, foreign and domestic.

DEPOPULATE socialists from the body politic.

“Above all, if you wish to be strong, begin by rooting out every particle of socialism that may have crept into your legislation.” - Bastiat

[21st Century Crusader]

Obama’s sole goal is the destruction of this Country! If he can, the debt will not just be $20 Trillion, it will be more.

[SeekAndFind]

Country	% of GDP (CIA / Eurostat)[1][2]	Date	% of GDP (IMF) [3]	Date	Region
Albania	59.4	2011 est.	58.92	2011	Europe
Algeria	6.6	2011 est.	9.92	2011	Africa
Angola	24.5	2011 est.	30.90	2011	Africa
Antigua and Barbuda	130.0	2010 est.	74.55	2011	North America
Argentina	42.9	2011 est.	44.20	2011	South America
Armenia			35.10	2011	Europe
Aruba	46.3	2005			North America
Australia	30.3	2011 est.	22.86	2011	Oceania
Austria	72.9	2011	72.20	2011	Europe
Azerbaijan	4.7	2011 est.	10.23	2011	Asia
Bahamas			48.61	2011	North America
Bahrain	75.3	2011 est.	36.46	2011	Asia
Bangladesh	36.7	2011 est.			Asia
Barbados	103.9	2011 est.	117.25	2011	North America
Belarus			50.24	2011	Europe
Belgium	98.7	2011	98.51	2011	Europe
Belize	83.6	2011 est.	80.35	2011	North America
Benin			31.33	2011	Africa
Bhutan	78.9	2011 est.	82.00	2011	Asia
Bolivia	40.5	2011 est.	32.88	2011	South America
Bosnia and Herzegovina	39.1	2010 est.	40.63	2011	Europe
Botswana	20.3	2011 est.	17.26	2011	Africa
Brazil	54.4	2011 est.	66.18	2011	South America
Brunei Darussalam			0.00	2011	Asia
Bulgaria	16.3	2011	17.04	2011	Europe
Burkina Faso			29.44	2011	Africa
Burundi			35.27	2011	Africa
Cambodia			28.60	2011	Asia
Cameroon	16.2	2011 est.	12.87	2011	Africa
Canada	83.5	2011 est.	84.95	2011	North America
Cape Verde			77.58	2011	Africa
Central African Republic			40.90	2011	Africa
Chad			32.15	2011	Africa
Chile	9.4	2011 est.	9.91	2011	South America
China	43.5	2011	25.84	2011	Asia
Colombia	45.6	2011 est.	34.67	2011	South America
Costa Rica	44.5	2011 est.	30.76	2011	North America
Côte d'Ivoire	65.8	2011 est.	90.53	2011	Africa
Croatia	58.0	2010 est.	45.57	2011	Europe
Cuba	34.9	2011 est.			North America
Cyprus	72.4	2011	71.84	2011	Europe
Czech Republic	41.2	2011	41.46	2011	Europe
Democratic Republic of Congo			31.99	2011	Africa
Denmark	46.5	2011	46.43	2011	Europe
Djibouti			55.46	2011	Africa
Dominica	78.0	2009 est.	69.88	2011	North America
Dominican Republic	36.4	2011 est.	29.26	2011	North America
Ecuador	22.1	2011 est.	17.98	2011	South America
Egypt	85.7	2011 est.	76.45	2011	Africa
El Salvador	57.1	2011 est.	50.79	2011	North America
Equatorial Guinea	5.5	2011 est.	8.35	2011	Africa
Eritrea			133.82	2011	Africa
European Union	82.5	2011			Europe
Estonia	6.1	2011	6.04	2011	Europe
Ethiopia	42.3	2011 est.	37.26	2011	Africa
Fiji			53.89	2011	Oceania
Finland	49.3	2011	48.56	2011	Europe
France	86.5	2011	86.26	2011	Europe
Gabon	18.3	2011 est.	20.45	2011	Africa
Gambia, The			68.77	2011	Africa
Georgia			33.88	2011	Europe
Germany	82.0	2011	81.51	2011	Europe
Ghana	38.7	2011 est.	43.39	2011	Africa
Gibraltar	7.5	2008 est.			Europe
Greece	165.3	2011 est.	160.81	2011	Europe
Grenada			86.61	2011	North America
Guatemala	24.5	2011 est.	24.06	2011	North America
Guinea			72.19	2011	Africa
Guinea-Bissau			45.23	2011	Africa
Guyana	62.1	2011 est.	61.75	2011	South America
Haiti			10.63	2011	North America
Honduras	29.6	2011 est.	28.12	2011	North America
Hong Kong	10.1	2011 est.	33.86	2011	Asia
Hungary	80.6	2011	80.45	2011	Europe
Iceland	130.1	2011 est.	99.19	2011	Europe
India	51.6	2011 est.	68.05	2011	Asia
Indonesia	24.5	2011 est.	25.03	2011	Asia
Iran	11.6	2010 est.	12.70	2011	Asia
Iraq			86.92	2011	Asia
Ireland	108.4	2011	104.95	2011	Europe
Israel	74.0	2011 est.	74.34	2011	Asia
Italy	120.9	2011	120.11	2011	Europe
Jamaica	126.5	2011 est.	138.98	2011	North America
Japan	208.2	2011 est.	229.77	2011	Asia
Jordan	60.7	2011 est.	69.78	2011	Asia
Kazakhstan	16.0	2011 est.	10.88	2011	Asia
Kenya	48.5	2011 est.	48.94	2011	Africa
Kuwait	6.8	2011 est.	7.35	2011	Asia
Kyrgyzstan			52.44	2011	Asia
Laos			57.36	2011	Asia
Latvia	42.6	2011	37.77	2011	Europe
Lebanon	137.1	2011 est.	136.22	2011	Asia
Lesotho			39.65	2011	Africa
Liberia			13.92	2011	Africa
Libya	4.7	2011 est.	0.00	2010	Africa
Lithuania	38.5	2011	38.96	2011	Europe
Luxembourg	18.6	2011	20.85	2011	Europe
Macedonia	24.8	2010 est.	28.11	2011	Europe
Madagascar			5.68	2011	Africa
Malawi	36.8	2011 est.	42.46	2011	Africa
Malaysia	53.5	2011 est.	52.56	2011	Asia
Maldives			69.10	2011	Asia
Mali	32.6	2011 est.	30.64	2011	Africa
Malta	73.0	2011	70.94	2011	Europe
Mauritania			92.40	2011	Africa
Mauritius	60.2	2011 est.	50.63	2011	Africa
Mexico	37.5	2011 est.	43.81	2011	North America
Moldova	21.3	2010 est.	23.39	2011	Europe
Montenegro	38.0	2006	45.83	2011	Europe
Morocco	65.0	2011 est.	54.39	2011	Africa
Mozambique	43.0	2011 est.	33.20	2011	Africa
Myanmar			44.32	2011	Asia
Namibia	27.4	2011 est.	21.85	2011	Africa
Nepal			34.07	2011	Asia
Netherlands	65.9	2011	66.23	2011	Europe
New Zealand	33.7	2011 est.	37.04	2011	Oceania
Nicaragua	70.5	2011 est.	72.03	2011	North America
Niger			18.94	2011	Africa
Nigeria	17.6	2011 est.	17.86	2011	Africa
North Korea	0.4	2007 est.			Asia
Norway	48.9	2010 est.	49.61	2011	Europe
Oman	3.8	2011 est.	5.06	2011	Asia
Pakistan	60.1	2011 est.	60.12	2011	Asia
Panama	41.7	2011 est.	37.83	2011	North America
Papua New Guinea	22.3	2011 est.			Oceania
Paraguay	17.4	2011 est.	13.66	2011	South America
Peru	21.7	2011 est.	21.64	2011	South America
Philippines	49.4	2011 est.	40.47	2011	Asia
Poland	56.3	2011	55.39	2011	Europe
Portugal	108.5	2011	106.79	2011	Europe
Qatar	8.9	2011 est.	31.48	2011	Asia
Republic of the Congo			22.17	2011	Africa
Romania	33.3	2011	32.96	2011	Europe
Russia	8.7	2011 est.	9.60	2011	Asia/Europe
Rwanda			23.43	2011	Africa
Saint Kitts and Nevis	200.0	2011 est.	153.41	2011	North America
Saint Lucia	77.0	2010 est.	71.95	2011	North America
São Tomé and Príncipe			74.43	2011	Africa
Saudi Arabia	9.4	2011 est.	7.52	2011	Asia
Senegal	33.2	2011 est.	40.62	2011	Africa
Serbia	39.5	2010 est.	47.89	2011	Europe
Seychelles	46.2	2011 est.	83.02	2011	Africa
Sierra Leone			59.96	2011	Africa
Singapore	118.2	2011 est.	100.79	2011	Asia
Slovakia	43.5	2011	44.63	2011	Europe
Slovenia	48.5	2011	47.31	2011	Europe
Solomon Islands			22.64	2011	Oceania
South Africa	35.6	2011 est.	38.77	2011	Africa
South Korea	33.3	2011 est.	34.14	2011	Asia
Spain	69.3	2011	68.47	2011	Europe
Sri Lanka	78.5	2011 est.	78.2		Asia
St. Vincent and Grenadines	90.0	2010 est.	71.41	2011	North America
Sudan	100.8	2011 est.	73.14	2011	Africa
Suriname			20.57	2011	South America
Swaziland			17.53	2011	Africa
Sweden	38.4	2011	37.44	2011	Europe
Switzerland	38.7	2010 est.	35.0	2011	Europe
Syria	34.4	2011 est.			Asia
Taiwan	34.9	2011 est.	40.80	2011	Asia
Tajikistan			35.35	2011	Asia
Tanzania	36.9	2011 est.	44.39	2011	Africa
Thailand	40.5	2011 est.	41.69	2011	Asia
Togo			30.84	2011	Africa
Trinidad and Tobago	31.7	2011 est.	32.35	2011	North America
Tunisia	51.8	2011 est.	42.41	2011	Africa
Turkey	42.4	2011 est.	39.44	2011	Asia/Europe
Turkmenistan			15.35	2011	Asia
Uganda	25.0	2011 est.	29.22	2011	Africa
Ukraine	44.8	2011 est.	36.50	2011	Europe
United Arab Emirates	43.9	2011 est.	16.89	2011	Asia
United Kingdom	86.8	2012	82.50	2011	Europe
United States	105.5	2012 est.	102.94	2011	North America
Uruguay	51.0	2011 est.	54.19	2011	South America
Uzbekistan	7.7	2011 est.	9.10	2011	Asia
Venezuela	36.3	2011 est.	45.50	2011	South America
Vietnam	57.3	2011 est.	37.97	2011	Asia
Wallis and Futuna	5.6	2004			Oceania
Yemen	37.2	2011 est.	42.52	2011	Asia
Zambia	27.3	2011 est.	26.07	2011	Africa
Zimbabwe	230.8	2011 est.	70.33	2011	Africa

[Will88]

And should interest rates return to sensible levels by 2020, our annual interest expense on the national debt will approach a trillion per year.

[Blackirish]

Yes 5% interest on 20 trillion is 1 trillion a year.

You’d think that would ring alarm bells.

However the voters in Illinois and California seem fine with inevitable bankruptcy... Why not the rest of the US too?

[eyedigress]

Nobama is just like Pelosi. 20 trillion on spending = 10 trillion in revenue. Unfortunately shoving 20 trillion down a rat hole = 20 trillion squandered by rats.

[The_Media_never_lie]

Not only the enormity of the debt, but the squandering of 100s of billions is of biblical proportions. Cash for clunkers, cash for caulkers, green grants for crony quasi businessmen and just plain bad business decisions by amateurs.

The media are either to stupid or afraid of being ostracized to report the truth.

[HeartlandOfAmerica]

At a trillion and a half overspending each year, I predict 25+ trillion.

And it's entirely possible that other things like the $400 trillion derivatives bomb will hit first, wiping out every major bank along with most of their shareholders and depositors in one fell swoop. That kind of thing will wipe out the entire economy as all iou's will be called in and even the govt will be powerless to do anything.

It's going to be a dark decade ahead.

[goldstategop]

People don’t care. They want their benefits and nothing is going to be cut in 2013.

People live on the margins as it is. And the plebes need to be distracted by “bread and circuses” just like in the Roman days.

[KeyLargo]

Thanks To ObamaCare, Many Will Lose Health Coverage

By SALLY C. PIPES
Posted 12/26/2012 05:56 PM ET

Wal-Mart just announced that it will not offer health insurance to new employees who work less than 30 hours a week. It’s reserved the right to do the same for existing workers.

For these new policies, Wal-Mart’s employees can thank ObamaCare.

The federal health reform law’s “employer mandate” requires companies with over 50 employees to provide insurance for anyone working 30 or more hours a week or face fines. That creates a strong incentive for companies to push their workers into a workweek fewer than 30 hours — and thereby avoid the additional costs ObamaCare intends to saddle them with.

Wal-Mart isn’t alone. The employer mandate will make it harder for many businesses to operate efficiently, to hire new employees — or to ensure that existing employees can stay on full time.

Papa John’s CEO John Schnatter recently came under fire for stating that the employer mandate will take a bite out of his company’s pie. He said that his pizza chain’s franchisees would likely cut back employee hours — and that ObamaCare would add up to 14 cents to the cost of each pizza.

http://news.investors.com/print/ibd-editorials-viewpoint/122612-638365-health-care-reform-cost-jobs-coverage-obama.aspx

[LucianOfSamasota]

If he ‘runs annual deficits of almost a trillion dollars a year’, it would actually be a significant improvement over his first four years. My guess is that we will average closer to $1.3 - 1.5 Trillion by the time he pushes for subsidies/stimulus, etc. to solve the next ‘crisis’.

http://www.cbo.gov/publication/42911